While marijuana stocks tumbled following President’s Day in America, California, the new kid on the block in the legalized cannabis industry, has been identified as one of the best places to start a pot business.
The United States Marijuana Index shows that the 15 largest pot stocks in America slipped downwards by 7.5 percent in the first four days after President’s Day, while the North American Marijuana Index, which includes stocks from Canada, spiralled downwards by four percent.
This pattern was followed by Exchange Traded Funds (ETFs) with Horizons Marijuana Life Sciences Index slipping 1.32 percent, and ETFMG Alternative Harvest by 1.33 percent.
Joining the downward spiral were the following stocks:
—-> 22nd Century Group Inc: 11.9 percent.
—-> Aphria Inc: 1.7 percent.
—-> Cannabis Sativa Inc: 3.4 percent.
—-> CannTrust Holdings Inc: 0.7 percent.
—-> Cronos Group Inc: 2.9 percent.
—-> GW Pharmaceuticals PLC- ADR: 11.8 percent.
—-> India Globalization Capital, Inc: 11.9 percent.
—-> MedReleaf Corp: 10.5 percent.
—-> Scotts Miracle-Gro Co: 0.3 percent.
—-> THC Biomed Intl Ltd: 3.5 percent.
—-> Zynerba Pharmaceuticals Inc: 9 percent.
On the up were:
—-> Aurora Cannabis Inc: 3.5 percent.
—-> Canopy Growth Corp: 4.2 percent.
Describing the market as “one of the slowest weeks” of the year, with volumes falling as prices tumbled, 420 Investor’s Alan Brochstein said the declines were felt particularly in Canada, which is now trading a mere one percent higher than in 2017. He went on to point out that it was very apparent that several of the speculative penny stocks were being dropped in the U.S.
This is what has emerged following the poor performances of stocks after President’s Day:
GW Pharmaceuticals stocks tumbled after the company’s disappointing results for its Phase 2a study to treat seizures in adult. The evaluation of GWP42006 tested the safety and the efficacy of the cannabidivarin CBDV-based pipeline compound and found that it failed to meet its primary goal.
Canopy Growth has finally obtained a growers license for a new 1.3 million square feet facility in Aldergrove, British Columbia. The company expects to have the new cultivation space up and running within the next few months and will be the biggest federally licensed marijuana site worldwide.
Uruguay is the first country to legalize recreational pot at a federal level. Cannabis can only be sold in pharmacies to registered users and costs a mere $1.40, compared to between $5 and $7 in the U.S. These prices can, however, vary from state to state.
But don’t think about rushing off to this South American country for a cheap pot holiday, because tourists will pay about $20 per gram on the black market unless they are lucky enough to find a local who will “gift” them a supply.
Further facts and information
In the meantime, California and Colorado have been earmarked as the best states in which to establish a marijuana business. According to data supplied by the Business Student, the worst pot start-up states are Minnesota and New York because of their limited licensing regulations and other strict rules.
The Consumer Research Around Cannabis and Green Market Report supports previous claims that more than two-thirds of the adults living in the Greater Los Angeles Metropolitan are cannabis users.
This adult group is also four percent more likely to have full-time employment than their non-user counterparts, while 12 percent are more likely to be active traders of stocks, bonds or securities in the past year. A staggering 72 percent of these upwardly mobile LA residents are also more likely to be active business owners, partners or corporate officials.
This trend, according to the study, is also being followed in Florida where 71.3 percent of the adults living in the Tampa/St. Petersburg Greater Metropolitan Area have given cannabis use the thumbs up. These residents are considered to more likely to own luxury cars, which they will continue to buy in future years, compared with non-pot users.
Pot Events to Diarize
—-> March 29: New Jersey Cannabis Symposium.
—-> April 9: CNvest will host its “CNvest: Terps and Tech” event, where investors meet to focus on the latest developments in cannabis science and technology companies. Venue: San Jose, California.April 12: Compassionate Certification Centers will sponsor the “420 Games”. This is a fun run/walk and takes place in Pittsburgh.
—-> April 12-14: Compassionate Certification Centers will also host its second annual “World Medical Cannabis Conference & Expo” in Pittsburgh. The event includes a job expo, exhibits, courses and panels featuring more than 70 speakers, as well as networking events.
—-> May 9-11: The Marijuana Business Daily’s “MJBizConNEXT” in New Orleans which focuses on technology and innovation in the pot industry.
—-> May 30-31: The “CannaMexico” by former Mexican President, Vicente Fox. Described as a world summit, this event will be held in Guanajuato, Mexico.